Fasb Accounting Standards Codification And The Hierarchy...

ACCT540 Statement No. 168 (superseded) The FASB Accounting Standards Codification ® and the Hierarchy of Generally Accepted Accounting Principles is FASB Statement No.162’s replacement that was created in Jun, 2009 The Hierarchy of Generally Accepted Accounting Principles. Statement 168 that replaced Statement No. 162 is now the base of the U.S. GAAP authoritative that been accepted by the FASB to be controlled by non-governmental entities. The recent reporting standards and non-SEC accounting are replaced by this Codification as of the actual date. It is successful for financial statements matters for annual periods and interim ending after September 15, 2009. Therefore, the FASB will not create new standards in the form of†¦show more content†¦However, this Statement maintains the scope of Interpretation 46(R) with the previous additional entities treated as special qualifying entities for purposes. The concept of these entities was eliminated in Statement No. 166. Therefore, the statement No. 167 also superseded the risks of quantitative-based and calculation of rewards to determine which enterprise, if any, provided a financial interest that controls an entity variable interest because the expectation of an access of the basic qualitative will be more efficient to identify which company has a financial interest of controlling in an entity variable interest. However, this is the way the FASB admitted to upgrade the financial reporting standards. Other additional necessity is an additional review event when deciding whether a company is a variable entity interest when there are any occurring circumstances and changes in facts. Fo r instinct, the owner of the equity investment at risk, as a group, lose the power from voting rights to direct the activities of the entity that some characteristic impacts the economic entity’s performance. There will also be ongoing assessments of whether an enterprise is the key beneficiary of a variable interest entity. ACCT540 Statement # 166 replaced Accounting for Transfers of Financial Assets is FASB’s amendment Statement # 140 that was created in Jun, 2009. This Statement is to upgrade the representational faithfulness, comparability andShow MoreRelatedThe Financial Accounting Standards Board (FASB) Essay939 Words   |  4 PagesTo help accounting professionals easily navigate through 50-plus years of unorganized US generally accepted accounting principles (GAAP) and standards the Trustees of the Financial Accounting Foundation approved the Financial Accounting Standards Board (FASB) Accounting Standards Codification (Codification.) By codifying authoritative US GAAP, FASB will provide users with real-time and accurate information in one location. Concurrently, FASB developed the FASB Codification Research System; a web-basedRead MoreCh 1 Financial Acc. Theory and Analysis6038 Words   |  25 PagesExample Test Questions Chapter 1 Multiple Choice: 1. Which of the following bodies has the ultimate authority to issue accounting pronouncements in the United States? a. Securities and Exchange Commission b. Financial Accounting Standards Board c. International Accounting Standards Committee d. Internal Revenue Service Answer a 2. What historical evidence of the business operations of the private estate of Apollonius was discovered early inthe20th century? a. The Iliad b. Plato s Republic Read MoreThe Sarbanes Oxley Act ( Sox )2188 Words   |  9 Pageschange from client to client, no matter the complications presented. Each evolution of society’s business world prompts rule makers to update authoritative accounting standards in order to allow for changes, auditors are then responsible to certify their client’s financial reports adhere within compliance according to current authoritative standards. Many cite the Sarbanes-Oxley Act (SOX) of 2002 as being legislation that has had the most profound impact on the auditing profession; incidentally, an auditor’sRead MoreComparing the Gaap and Ifrs1051 Words   |  5 PagesIntroduction There have been proposals that have been working on with regard to the replacement of GAAP (Generally Accepted Accounting Principles) with IFRS (International Financial Reporting Standards) as used in the accounting and financial reporting aspects. Such convergence requires that the functions of the GAAP standards be added to the IFRS. The International Accounting Standards Board (IASB) developed the IFRS which is a less-detailed financial reporting system. This paper seeks to analyzeRead MoreProperty, Plant, and Equipment4753 Words   |  20 PagesProperty, Plant and Equipment Property, Plant and Equipment I- Nature of Accounting Issues Businesses purchase and use a variety of fixed assets, such as equipment, furniture, tools, machinery, buildings, and land. These fixed assets are long-term or relatively permanent assets. Also, they are tangible assets because they exist physically. They are owned and used by the business and are not offered for sale as part of normal operations. Perhaps the most descriptive titles these assets areRead MoreEssay about Chapter 1 Governmental and Nonprofit Accounting: Answer Key2552 Words   |  11 Pages1 Governmental and Nonprofit Accounting: ENVIRONMENT AND CHARACTERISTICS ANSWERS TO QUESTIONS QUESTION 1-1 a. The similarities of accounting for profit-seeking and GNP organizations include: 1. Double-entry system of accounts. 2. Most accounting mechanics, e.g., basic transaction documents, journals, ledgers, charts of accounts. 3. Where a GNP organization has a business-type activity, e.g., a municipal electric utility, the accounting largely parallels that for aRead MoreIntermediate Accounting Research Project2001 Words   |  9 Pages1. What is the FASB Accounting Standards Codification? The FASB Accounting Standards Codification ® is the source of authoritative generally accepted accounting principles (GAAP) recognized by the FASB to be applied to nongovernmental entities. 2. When did the codification become effective? The Codification is effective for interim and annual periods ending after September 15, 2009. 3. The FASB had three primary goals in developing the Codification. Identify them. a.Read MoreAccounting Policies, Income Statement and Related Items2283 Words   |  10 PagesAbstract GAAP requires company to disclose accounting policy in their financial reports. These policies provide relevant information to decision makers on choices taken by executives. Financial statements are the final product of accounting process. Income statement provides data for investment and other decisions. The net income is essentially the common income statement form, consisting of classifications such as income from continuing operations, discontinued operations, extraordinary itemsRead MoreEssay on Five Accounting Concepts1770 Words   |  8 PagesAccounting in general has many terms that are important to know and understand when dealing in the financial realm. When looking at these terms and understanding how they are implied it is important to remember what the objective of businesses are: to earn a profit and remain out of bankruptcy. To better understand how a company can achieve these objectives we need to understand accounting’s terms and principles first. In order to do that we will look at five concepts that are important to Accounting:Read MoreCh1 Analysis3834 Words   |  16 Pagese.|realization| ANS: D 2. The going concern assumption: a.|is applicable to all financial statements| b.|primarily involves periodic income measurement| c.|allows for the statements to be prepared under generally accepted accounting principles| d.|requires that accounting procedures be the same from period to period| e.|none of the answers are correct| ANS: C 3. Understating assets and revenues is justified based on: a.|realization assumption| b.|matching| c.|consistency|

OPS 5095 SYLLABUS - 2875 Words

NOVA SOUTHEASTERN UNIVERSITY H. Wayne Huizenga School of Business and Entrepreneurship Course Syllabus OPS 5095 – Service Operations Management Online Format Winter 2014 Course Blackboard Website: https://sharklearn.nova.edu I. INSTRUCTOR Dr. Frank Wolf wolff@nova.edu 802 388 9911 II. COURSE DESCRIPTION This course focuses on services management in general and service operations in particular. It explores the elements that unite services, that differentiate service processes from non-service processes and that differentiate various types of services from each other. Customers generally participate in the service process, often with direct and uncensored interactions with employees and facilities. The resulting†¦show more content†¦Students are strongly encouraged to visit one of the physical locations and/or take advantage of the vast electronic library available for research. For more information, please visit http://www.nova.edu/library. Please note that all required and recommended materials should be referenced in APA style. VI. GRADING SCALE A. Grading Scale for this course 94-100 A 93-89 A- 88-85 B+ 84-82 B 81-78 B- 77-74 C+ 73-70 C Performance Criteria Basic (2 pt)* Developing (3.25 pts)* Proficient (4.0 pts)* Accomplished (4.5 pts)* Exemplary (5 pts)* Score Identifies and describes problem/s effectively (CC1) Does not state problem(s) or identify symptoms, critical factors and current state in Background discussion. Somewhat states problem(s) in multiple sentences. May identify symptoms, critical factors and current state in Background discussion. States problem(s) in multiple sentences. Identifies symptoms, critical factors and current state in Background discussion. States problem(s) clearly in one sentence. Identifies symptoms, critical factors and current state in Background discussion. States problem(s) clearly and concisely in one sentence. Effectively and completely identifies symptoms, critical factors and current state in Background discussion. Applies operational management models (CC3) Does not apply operational models, course content, and outside research to support position.Show MoreRelatedPorcini S Pronto Final Essay2039 Words   |  9 Pagesï » ¿H. Wayne Huizenga Graduate School of Business and Entrepreneurship Nova Southeastern University Assignment for Course: OPS 5095 – Service Operations Management    Submitted to: Dr. Thomas Griffin Submitted by: Luxuan Xie Date of Submission: Aug 31, 2014 Title of Assignment: Porcinis Pronto CERTIFICATION OF AUTHORSHIP: We certify that we the authors of this paper. Any assistance we received in its preparation is fully acknowledged and disclosed in the paper. We have also cited any sources from which

William Faulkners A Rose for Emily Essay examples

William Faulkners A Rose for Emily I. Implied author of the story „A Rose for Emily†, a story of horror first published in 1930, is considered by many scholars one of the most authentic and the best narratives ever written by William Faulkner. It is a story of a woman, Emily Grierson, and her relationships with her father, the man she was in love with and the community of Jefferson, the town she lived in. While discussing any narrative text it is crucial to mention the implied author of a text. As Wayne C. Booth, the most famous follower of the Chicago School believed, it is possible and acceptable to â€Å"interpret and criticize the narrative worlds of literary works without stepping beyond the limits of the text and falling†¦show more content†¦It may be also the symbol of a true, reciprocated love which Emily never experienced, even though she probably dreamt about it for her entire life. The rose in the title is not the only symbol in the story, though. There are others, which play equally important roles in the narrative, as their task is to let readers get to know the protagonist from the only possible point of view: the external one. This issue will be discussed in more details in the remaining chapters of this work; however it needs to be mentioned that throughout the entire story, readers never come to know Miss Emily Grierson’s thoughts and feelings. They rather come to certain conclusions about her, thanks to the subtle clues which the implied author leaves for them to discover. Such a clue may be, for example, the crayon portrait of Emily’s father, standing near the fireplace on the day of her funeral, as it stood thirty days earlier, symbolizing Miss Grierson’s unwillingness to let go of the past, to leave the authority of her father behind, to forget about the only man who had such a great influence on her life and to be truly alive for once. Another symbol providing readers with valid information about the protagonist is the Grierson’s family home. In a very interesting way the reader is presented with an image of a house which immediately brings to mind its occupant, Miss Emily: â€Å"It was a big, squarish frameShow MoreRelatedWilliam Faulkners A Rose for Emily1600 Words   |  7 Pages William Faulkners A Rose for Emily  is set in the small southern town of Jefferson during the early decades of the twentieth century . At this time, vast and cardinal changes were being made by the upcoming new south to conceal and move from the horrid truths that were a part of the towns history. In lieu of this, Jefferson was at a turning point in which they were having difficulty coming to terms with these changes . Integrating Faulkners use of character and symbols with other sourcesRead MoreEssay on William Faulkners A Rose for Emily1539 Words   |  7 PagesWilliam Faulkners A Rose for Emily As any reader can see, A Rose for Emily is one of the most authentic short stories by Faulkner. His use of characterization, narration, foreshadowing, and symbolism are four key factors to why Faulkners work is idealistic to all readers.   Ã‚  Ã‚  Ã‚  Ã‚  The works of William Faulkner have had positive effects on readers throughout his career. Local legends and gossip trigger the main focus of his stories. Considering that Faulkner grew up in Mississippi, he wasRead MoreWilliam Faulkners A Rose for Emily: An Analysis807 Words   |  3 PagesConsider Faulkners own words as you think about A Rose for Emily. In his Nobel Prize acceptance speech, Faulkner said,  ¦the young man or woman writing today has forgotten the problems of the human heart in conflict with itself which alone can make good writing because only that is worth writing about, worth the agony and the sweat. How is A Rose for Miss Emily a story about the human heart in conflict with itself? In William Faulkners A Rose for Emily, the protagonist Miss Emily GriersonRead MoreAn Analysis of William Faulkner’s â€Å"a Rose for Emily†1428 Words   |  6 PagesThe Devastating Outcome of Oppression: An Analysis of William Faulkner’s â€Å"A Rose for Emily† When a person has only been taught dysfunctional love, it is all too often that this is the only kind of love they will ever experience. In â€Å"A Rose for Emily†, William Faulkner explores an unorthodox relationship between an aristocratic southern lady named Miss Emily Grierson, and a blue-collar northern fellow named Homer Barron. The narrator, who likely represents the townspeople, describesRead MoreWilliam Faulkners A Rose for Emily Essay1382 Words   |  6 Pages Emily’s Downward Spiral: An Analysis of â€Å"A Rose for Emily† In William Faulkner’s short story â€Å"A Rose for Emily,† the main character of the story is Miss Emily Grierson. To analyze and examine her character, it is almost impossible not to look at the psychological aspect of it. Through the narrative of Faulkner’s â€Å"A Rose for Emily,† Miss Emily’s behavior and character is revealed as outright strange from any average standard of characters. A few days after they lay Miss Emily’s body to restRead More William Faulkners A Rose for Emily Essay729 Words   |  3 PagesWilliam Faulkners A Rose for Emily â€Å"A Rose for Emily† by William Faulkner is set in a small Southern town during the post-Civil War era. The story revolves around the strange and tragic events of Miss Emily Grierson’s life. At first glance, Emily seems like a lonely woman with little self-confidence and low self-esteem that seems to stem from her upbringing by her father. There seemed to be some kind of abuse by her father and the fact that she had seemed to have lived such a sheltered lifeRead MoreThe Reconstruction In William Faulkners A Rose For Emily1243 Words   |  5 PagesAfter an extended period of the Civil War and the Reconstruction, William Faulkner published his short story â€Å"A Rose for Emily† in 1930. In his fictional Jefferson, Mississippi (the county seat of Yoknapatawpha), Faulkner tells a story about Emily, an unhappy woman. The story begins at Emily’s funeral, and all the villagers in the town come to see the inside of the abandoned building (nobody has entered the house for at least ten years). The story flashes back decades before the funeral, Emily’sRead MoreDiagnosing Miss Emily in William Faulkners A Rose For Emily 918 Words   |  4 PagesIn William Faulkners A Rose For Emily there is more than enough evidence to determine that Miss Emily is mentally ill. Most of the clues and hints are subtle, but when they are all pieced together the puzzle becomes clear. Not saying it is clear as too what Miss Emily was suffering from, the only way to know that for certain would be if the author or narrator told us in the text. We can conclude, however, she was suffering from some form of mental illness. Miss Emily was seen as a recluse and oddRead More The Importance of Plot in William Faulkners A Rose for Emily1431 Words   |  6 Pages The Importance of Plot in William Faulkners A Rose for Emily In â€Å"A Rose For Emily†, by William Faulkner, plot plays an important role in how the story is played out. Faulkner does not use chronological order in this short story. Instead, he uses an order that has many twists and turns. It appears to have no relevance while being read, but in turn, plays an important role in how the story is interpreted by the reader. Why does Faulkner present the plot of this story in this manner? HowRead MoreAnalysis of William Faulkners A Rose for Emily Essay1187 Words   |  5 PagesAnalysis of William Faulkner’s â€Å"A Rose for Emily† In â€Å"A Rose for Emily†, William Faulkner uses symbolism, imagery, simile and tone. Faulkner uses these elements to lead his characters to an epiphany of letting go of out-dated traditions and customs. The resistance to change and loneliness are prominent themes within â€Å"A Rose for Emily†. Faulkner uses â€Å"A Rose for Emily† to caution his readers that things are not always what they appear to be. The tone of â€Å"A Rose for Miss Emily† could

Ethical Dilemma Accounting Department of a NPO

Question: Discuss about theEthical Dilemma for Accounting Department of a NPO. Answer: Introduction In the sector of social service, a non- profit organization is working for the community. The company is doing well. However, they need some permission or license from the government for which they are trying since last few years. This information comes from the sources that tell about the conversation between senior accountant and general manager of the company. In this situation, there was an ethical dilemma for that senior accountant. The reason being, in past years, company has shown manipulations in its accounts to take many permissions and grants from the government. Whenever they had to take some grant from authorities, they show the accounts of a prosperous year instead of the current year. They have been successful in this since so long. So, this time also they want this new senior accountant to follow the same practice as the previous accountant did. In fact, the general manager has strongly proposed to do so. And if he does not follow the instructions, then his responsibil ity will be given to some other employee along with his incentives and bonuses. The general manager warned him not to discuss this with anyone outside the meeting room. This was very disturbing for the accountant because he was not able to choose what would be right for him. He is concerned about the poor financial practices prevailing in the organization. Ethical Dilemma The accountant faces a dilemma in which either he has to compromise with his job or he has to concede with his ethical values. If he chooses to agree with what general manager said, he has to prepare a false report. This will be against his values and may have ethical implications on his career. On the other side, if he chooses to refuse the instructions of general manager, he will have to face financial consequences. He has a family of four children and he is the only bread winner of this family. He will not only lose incentives, but may also have disciplinary actions against his job. So, he is in a difficult situation and is not able to choose the right path to move on (Stanga Turpen, 1991). Ethical Questions in the Situation Is this Behaviour Acceptable on the Part of a Non- Profit Organization? The underlying case study is of an organization which is an NPO and works for welfare and betterment of the society. Such organization is expected to follow a certain code of conduct which is full of moral and ethical values. Government gives them permissions for certain events and even allot funds to them having trust that they will work for the poor and needy. Society trusts on these organizations and donate handsome amount to them to work for the social welfare. In return, these organizations have so many malpractices internally and deceive the entire community. The question arises that as a responsible population, should we accept such behaviour of so- called NPOs? (Austin Seitanidi, 2012) To What Extent Such Humiliation of an Employee is Justified on Ethical Grounds? An employee who is simply an accountant in a not- for- profit organization is being humiliated and put into an ethical dilemma which laid him in serious distress. The employee is the only income source of a family which comprises of 4 children. He has no option to leave his job and even the incentives or bonuses, reason being he needs money to bear the expenses of his family. So, he is compelled to compromise with his moral values. He has to prepare a false report showing sound financial position of the organization. This dilemma has put him into confusion because he is going to face adverse consequences in either situation. The ethical concern here is to what extent it is justifiable to humiliate an honest employee in such manner (Mc Devitt Van Hise, 2002). Is Window Dressing Acceptable Under Ethical Code of Conduct? Another concern is window dressing. It refers to changing or manipulating financial accounts in a manner that they seem attractive and shows a strong position of the organization. Companies often use this practice before they finally present their accounts to stakeholders. They purposely manipulate some figures of revenues, taxes and profits to show that they have sound liquidity and profitability. Sometimes they show losses so that they can avoid tax payments. This NPO under study is using this practice to take a grant from the government. Is this an ethical code of conduct? A big question of concern! (Kellogg Kellogg, 1991). Lessons Learnt from this Dilemma Firstly, I learnt that no matter how much righteous an organization behave in a society, it doesnt prove that it can make no mistakes. A critical analysis is always required to assess the ethical conduct of any organization and to avoid ethical dilemma as faced by the senior accountant of this organization. If one is honest and ethical, then he/ she need to find an ethically performing organization to be a part of. Besides that, even if one is already working in an organization and comes across such a situation as we have in underlying case study, then he has to decide very smartly. He must work in a manner which is not offensive for the organization and it should also not hurt ethical sentiments of yours. Lastly, I have learnt about the flaws of regulatory systems. This organization is using window dressing since so many years, yet not detected to be faulty. This is a serious issue of concern. Conclusion The above case study clearly defines an ethical dilemma for an honest employee. Firstly, this shows that there is no place for honesty and sincerity in a corrupt workplace. Secondly, this case study also shows dampened ethics and moral values of organizations, and surprisingly it is a non- profit organization. It is meant for public welfare but instead of that it is indulged in window dressing and other malpractices. This is really disgraceful and a pathetic situation not only for the organization, but also on the part of government authorities. They are known of the facts but still they did not take any action. This is a question on ethics of a workplace. Recommendations There is a recommendation for the accountant to face the situation and for others who have experienced the similar dilemma in their workplace. The following steps will give them an insight on how to react in such scenario. First of all, they must find out all the facts about the situation. Discern all the ethical issues affecting stakeholders. Try to determine the alternative courses of action. Identify the pros and cons of the situation (Finegan, The impact of personal values on judgments of ethical behaviour in the workplace, 1994). Take final decision that must be compatible with the code of conduct given by International ethics standard board of accountants (IESBA) (ICAEW, 2011). References Austin, J.E. Seitanidi, M.M., 2012. Collaborative value creation: A review of partnering between nonprofits and businesses: Part I. Value Creation Spectrum and Collaboration Stages. Nonprofit and Voluntary Sector Quarterly, pp.726-58. Finegan, J., 1994. The impact of personal values on judgments of ethical behaviour in the workplace. Journal of business ethics, 13(9), pp.747-55. ICAEW, 2011. Code of Ethics C. [Online] Available at: https://www.icaew.com/en/membership/regulations-standards-and-guidance/ethics/code-of-ethics-c [Accessed 24 August 2016]. Kellogg, I. Kellogg, L.B., 1991. Fraud, window dressing, and negligence in financial statements. Shephard's Commercial Law Series. Mc Devitt, R. Van Hise, J., 2002. Influences in Ethical Dilemmas of Increasing Intensity. Journal of Business Ethics, 40(3), pp.261-74. Stanga, K.G. Turpen, R.A., 1991. Ethical judgments on selected accounting issues: An empirical study. Journal of Business Ethics, 10(10), pp.739-47.